golden parachute

An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.]
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双语律师Stephanie,毕业于法国一流的高级翻译学院,擅长翻译各类与上诉案件相关的法律文件。
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